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Vantage Drilling: Will The Company Be Up For Sale After Recent Jackup Divestitures To ADES?


  • Discussing recent agreement to sell the majority of the company's jackup fleet to ADES Group.
  • Once the transaction has been consummated, Vantage Drilling's owned fleet will be down to just four rigs (two drillships and two jackups).
  • Since the beginning of 2019, the company has used more than $300 million in cash from operating activities.
  • Company faces a $350 million debt maturity in November 2023.
  • While shares appear cheap from a NAV perspective, I am hesitant to assign a buy rating given major uncertainties regarding the company's future direction.
  • Even in case management will be pursuing a sale, the size, composition and strategic positioning of the fleet are likely to limit potential bids.
Jackup Ölplattform bei Sonnenuntergang

matthewcross99/iStock via Getty Images

Vantage Drilling International (OTCPK:VTDRF) or "Vantage" is a small, Houston-based provider of offshore contract drilling services. Like it has been the case with all junior offshore drillers, the multi-year industry downturn required the company to restructure its debt obligations in bankruptcy from which it

This article was written by

Henrik Alex profile picture

I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). In addition, I am having a close eye on the still nascent fuel cell industry.

I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.

Despite not being a native speaker, I always try to deliver high quality research to followers and the entire Seeking Alpha community.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (2)

Seems that Exmar took a participation of 10% . Is this a first step and an opportunity?
Henrik Alex profile picture
@Jan Blanckaert


"In September-October 2023, EXMAR’s Infrastructure portfolio has been complemented with a participation of approximately 11.5% in Vantage Drilling International ("Vantage"). Vantage is a player in offshore oil and natural gas well drilling services, with a fleet comprising of two ultra-deep-water drill ships and two premium jack-up rigs, listed on the US OTC market under VTDRF.

This strategic investment is driven by promising value due to continued underinvestment in the offshore drilling market. After over two decades, EXMAR re-enters the drilling sector, further expanding its role in the energy value chain."

How did they accumulate the stake? The trading volume is almost non-existent.

At this point, I have no idea regarding Exmar's intentions.
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